The UAE dirham is pegged to the US dollar.
PHOTO BY ARCHIVE
DUBAI – The UAE dirham’s value has increased in nominal terms due to the appreciation of the US dollar, according to the UAE Central Bank.
In its Quarterly Economic Review, the UAE Central Bank said the dirham appreciated by 0.1 percent in the first quarter compared to the same period last year against currencies of the top 10 non-dollarized import partners.
Dollarization is the term for when the US dollar is used in addition to or instead of the domestic currency of a country.
Against the top 10 non-oil export partners, the UAE’s dirham increased by 0.4 percent year-on-year and quarter-on-quarter, the Central Bank said in its report.
”Accounting for all of the UAE’s trading partners, the Nominal Effective Exchange Rate (NEER) displayed the same pattern of appreciation relative to a basket of the weighted average of the currencies of major trading partners,” it continued.
“In particular, the average NEER appreciated by 0.5 percent and 2.4 percent Q-o-Q and Y-o-Y, respectively, in the first quarter of 2020, compared to an appreciation of 0.1 percent and 0.8 percent, respectively, in the previous quarter,” according to the review. ICA/Expat Media
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